Marketing Plan Strategy: Psychology Essay

Marketing Plan Strategy
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Marketing Plan Strategy
One of the sole functions of managers in any organization is developing and executing their products' marketing strategies. These critical strategies help a business thrive and adapt to the shifting consumer tastes and preferencesCITATION Nei18 \l 2057 (Morgan, Whitler, & Feng, 2018). One can opt to develop a new product as a brand-new manager: A civet coffee commonly known as kopi luwak is chosen in this scenario. To launch and market this new product effectively, we will describe the product, develop a strategic plan to sell it, and discuss the ethical commitments and issues arising from this product.
Product Description
Civet coffee is probably the most expensive coffee brand in the entire globe. It is produced from coffee berries passed through an Asian civet's digestion tract, also called Luwak (Muzaifa et al., 2018). It has a deluge of health benefits to consumers. For instance, its low acidity prevents stomach complications, unlike tea and other coffee brands. It protects individuals against severe cancer and reduces migraines and headaches, amongst other benefits.
Strategy in Launching and Marketing
For effective launching and marketing of this new product, it is required to analyze the product's market forces as a manager. This analysis includes knowing who the competitors are in selling coffee and carrying out SWOT analysis. Secondly, one will be required to define the target audience, and in the case of the civet coffee luxury and regular consumers. The final procedures are choosing pricing and promotion strategies. The business should psychologically present the prices as cheaply as possible. For instance, the price per 1kg packet can be given as $ 999. The packaging of the coffee should be outstanding to draw attention from target consumers. During launching is advised to use strategic means like having entertainers and free gits. While focusing on strategic marketing, it...